Facebook’s stock prices have plummeted since their big day on Wall Street. In order to increase the value of its services to gain more revenue, Facebook rolled out a conversion measurement tool on Friday.
Traditionally, online marketers have flocked to Google to create point of sale ads to capture searchers when they’re ready to buy. Google’s platform enables easy measurement and conversion rate overview. To creep into the success of the Google model, Facebook is rolling out a tool to track those who click on a Facebook ad. If the users who click on the ad make an immediate purchase, sign up for a newsletter, or follow through on a call to action, they are deemed a successful conversion.
In the future when marketers are trying to target their advertising, they will be able to select groups of Facebook users who have converted to similar ads in the past. Facebook will not show advertisers who clicked on their ads or other ads in the past. That information will remain confidential.
How does it work?
Marketers can enter a snippet of code on a page of the page of their website after someone converts, such as a checkout page or thank you page, that tracks the performance of an ad. That code then reports back to the Facebook ad platform any time someone purchases or converts from a Facebook ad.
How Facebook’s Conversion Measurement Tool Rocks for Inbound Marketers
The art of inbound marketing is to entice people to opt into your content in order to earn their trust, gain credibility and establish a long-term relationship for repeated sales and influence. Although an ad starts off as more traditional online marketing, you can use it as a means to drive inbound conversion. Most of the articles and stories surrounding this new Facebook feature are focusing on retailers and immediate purchases, but a lead that fills out a form on your site counts as a Facebook ad conversion in their new measurement tool. Don’t overlook the potential here. The beauty of an inbound marketing stance is that you keep a bigger picture in mind. You have the ability to drive traffic to your website in order to start building a relationship that will ultimately drive more sales in the long run, as opposed to a quick, immediate purchase from a stranger.
An ad on Facebook that is highly targeted by people groups can lead to a higher conversion rate for your inbound marketing efforts. Advertise your latest ebook or webinar, capture their information in your lead conversion form, follow up with lead nurturing campaigns, and you’ve just earned a new customer for life. That’s the idea anyways. If the content is good on your site, but you’re not converting, Facebook’s conversion tool may help you determine the right course of action to adjust your messaging and targeting. You know they’re coming, but maybe the ad copy is mismatched, the image doesn’t work or the copy on your landing page needs some tweaking. The point is you have an extra tool to measure effectiveness of your landing pages and tactics to drive traffic to it in order to tweak and edit for effective inbound marketing campaigns.
Retailers Have a Great Tool Too
We don’t want to completely forget about retail! With the over abundance of smart phones, tablets and price finder apps, online retail is projected to skyrocket by 2014. Online advertising will be key to driving sales and revenue. Google’s platform is a viable way to send shoppers to your website or online retail platform when they are searching for products or services, but Facebook’s tracking data is pivotal. Facebook is tied to people, not just keywords. Your ads can be segmented to match your audience PLUS be segmented even more to those who have already clicked and converted on similar ads.
The Facebook ad conversion measurement tool is currently in beta testing. Look forward to this rollout and start planning your strategy today!
About Digital Impact Agency
Digital Impact Agency is a creative firm specializing in interactive media and inbound marketing strategies for manufacturing and technology companies, professional service firms (architectural, engineering, construction, legal and consulting), nonprofits and enterprise companies. We are a team of innovative entrepreneurs focused on creating the most strategic and effective communication channels for our clients.